Oppenheimer Asset Management Inc. invests $6 million in The Kraft Heinz Company (NASDAQ:KHC)

VaselineSeptember 16, 2024

0 4 minutes read

Oppenheimer Asset Management Inc. purchased a new position in shares of The Kraft Heinz Company (NASDAQ:KHC – Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 186,231 shares of the company’s stock, valued at approximately $6,000,000.

Several other hedge funds and other institutional investors have also modified their holdings of KHC. Vanguard Group Inc. raised its position in shares of Kraft Heinz by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 70,398,831 shares of the company’s stock worth $2,603,349,000 after buying an additional 183,234 shares during the last quarter. LSV Asset Management grew its position in shares of Kraft Heinz by 2.1% during the second quarter. LSV Asset Management now owns 9,107,688 shares of the company’s stock worth $293,450,000 after buying an additional 189,000 shares during the last quarter. Capital World Investors grew its position in shares of Kraft Heinz by 83.4% in the first quarter. Capital World Investors now owns 8,709,714 shares of the company’s stock worth $321,388,000 after buying an additional 3,961,872 shares during the last quarter. Cooke & Bieler LP grew its holdings in shares of Kraft Heinz by 4.7% during the second quarter. Cooke & Bieler LP now owns 3,402,510 shares of the company’s stock worth $109,629,000 after buying an additional 153,490 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Kraft Heinz by 18.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,081,905 shares of the company’s stock worth $113,960,000 after buying an additional 474,758 shares in the last quarter. 78.17% of the shares are currently held by hedge funds and other institutional investors.

The Wall Street analyst weighs in

A number of equities analysts recently issued reports on the company. Wells Fargo & Company upped their target price on Kraft Heinz from $34.00 to $35.00 and gave the stock an “equal weight” rating in a report on Thursday, August 1st. Goldman Sachs Group assumed coverage on Kraft Heinz in a report on Monday, August 12th. They set a “sell” rating and a $34.00 price target on the stock. Citigroup cut their price target on Kraft Heinz from $42.00 to $38.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Bank of America reduced their price objective on Kraft Heinz from $42.00 to $38.00 and set a “buy” rating on the stock in a report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. reduced their price objective on Kraft Heinz from $38.00 to $37.00 and set a “neutral” rating on the stock in a report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $37.50, according to MarketBeat.com.

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See the latest stock analysis on KHC

Insider activity at Kraft Heinz

In related news, insider Cory Onell sold 4,076 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $36.00, for a total value of $146,736.00. Following the transaction, the insider now directly owns 143,970 shares in the company, valued at approximately $5,182,920. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible via this link. 0.32% of shares are currently owned by company insiders.

Kraft Heinz stocks rose 1.1%

Shares of NASDAQ:KHC opened at $35.59 on Monday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.53, and a current ratio of 1.01. The company has a market cap of $43.03 billion, a PE ratio of 15.54, a price-to-earnings-growth ratio of 3.43 and a beta of 0.49. The Kraft Heinz Company has a 52-week low of $30.68 and a 52-week high of $38.96. The firm has a 50-day simple moving average of $34.49 and a 200-day simple moving average of $35.04.

Kraft Heinz (NASDAQ:KHC – Get Your Free Report ) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.05. The company had revenue of $6.50 billion for the quarter, compared to the consensus estimate of $6.55 billion. Kraft Heinz had a net margin of 7.30% and a return on equity of 7.38%. Kraft Heinz’s revenue for the quarter was down 3.3% year-over-year. In the same quarter last year, the firm earned $0.79 EPS. As a group, research analysts expect that The Kraft Heinz Company will post 3.02 earnings per share for the current year.

Kraft Heinz Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a $0.40 dividend. The ex-dividend date is Friday, August 30. This represents a dividend of $1.60 on an annualized basis and a yield of 4.50%. Kraft Heinz’s payout ratio is currently 69.87%.

Kraft Heinz Company Profile

(Free report)

The Kraft Heinz Company, together with its subsidiaries, manufactures and markets food and beverage products in North America and internationally. Its products include condiments and sauces, cheese and dairy products, meals, meats, soft drinks, coffee and other food products under the Kraft, Oscar Mayer, Heinz, Philadelphia, Lunchables, Velveeta, Ore-Ida, Maxwell House, Kool-Aid brands, Jell-O, Heinz, ABC, Master, Quero, Kraft, Golden Circle, Wattie’s, Pudliszki and Plasmon.